Introducing Latest Technology Trends AI-Based Document Verification to Deter Frauds

When it comes to onboarding new users and clients in the financial services industry. A good first impression – specifically frictionless onboarding – is critical. As it’s an opportunity to set the stage for lifetime loyalty. As a result, financial institutions are looking for frictionless document verification now more than ever to ensure genuine customers are validated and positive customer experiences are maintained during the online onboarding process.

Any type of proof of identity must be show in order to complete any legal formality or verification process. Regardless of the industry in which a client want to participate. Whether it is banking, insurance, healthcare, technology, travel, education, or any other online service. The consumer is require to show an Identity proof to prove that they are who they claim to be.

While validating IDs sounds great. It will take money, effort, and human resources to adopt secure document verification solutions as a corporation. The whole client experience is harmed by the extra stringent authentication process. While most customers dislike the extra-complicated verification process. Not having one undermines brand trust and can result in businesses losing more customers throughout the onboarding process.

What is the purpose of document verification?

Document verification is an important part of confirming a customer’s identity. You must verify your documents online in order to comply with KYC requirements or open an account. By establishing the legitimacy of ID documents throughout the onboarding process, document verification can assist businesses in quickly and securely certifying new clients.

Organizations can reduce customer onboarding time to minutes using online document verification software like Nanonets. Teams can extract data from ID documents selectively and combine it with their existing CRM software to create rich customer profiles using AI-enhanced OCR software.

Verifying Original Source Documents to Prevent Document Fraud:

Document fraud can be accomplish in a number of ways. I’ll show you how fraud occurs and how it can be detect in the sections below.

The most typical types of document fraud are as follows:

Impostors – the person who has these documents appears to be the rightful owner (Passports, Identity Cards, Driving License etc)

Counterfeiting – Creating a document from the ground up – (Educational diplomas, degrees, birth certificates, licences etc)

A genuine document that has been tamper with is refer to as a forgery (Resumes, experience certificates, etc)

Verification of Original Source Documents

The process of ensuring that documents present by prospective employees are genuine and that the holder is the rightful owner is know as document verification. It’s an important part of the pre-employment and immigration screening processes. Staff in charge of document inspection should have the necessary knowledge and tools to confirm authenticity and spot basic forgeries.

Document verification involves scanning official papers such as bank statements, driver’s licences. And passports for holograms, watermarks, stamps, fonts, and other security features.Personal data from the documents, such as name, date of birth. And address, can also be check and verify against third-party data sources. This is especially important for businesses that sell age-restrict items and services. Such as wine shops or car rental companies.

Conclusion

Employees are an organization’s asset, and any business who wishes to acquire a highly valuable asset must conduct pre-employment document verification before recruiting a local candidate or an international immigrant. It’s vital to avoid risk in the workplace in order to keep it safe, healthy, and thriving.

Verifying the original source document is a difficult task. Only document verification experts can accomplish it properly because they have all of the necessary instruments for document verification. They’re also well-verse in the procedure’s prerequisites and reservations.